Stockholm-based CorPower Ocean is developing a power generation device that converts ocean waves into efficient energy.
Stockholm-based CorPower Ocean has raised €32 million in a Series B round co-led by NordicNinja VC, SEB Greentech and EIT InnoEnergy. The round was also led by Sandanter Asset Management, Iberis Capital and Cisco Investments.
Stockholm-based CorPower Ocean is developing a power generation device that converts ocean wave into efficient energy. The startup’s technology can withstand harsh storm conditions and aims to contribute to the Scandinavian peninsula’s renewable energy needs.
Founded in 2009, the startup started with the idea that wave energy is an underutilized source of renewable energy and decided to change that in Sweden, a country with a cold climate. Projects using the startup’s technology are underway across the Atlantic, including in Scotland, Ireland, Portugal and Norway.
“Today’s announcement follows groundbreaking results reported from the company’s ocean demonstration earlier this year at the Aguçadoura site in northern Portugal,” said CEO Patrik Möller. “In this demonstration, CorPower C4 became the first commercial-scale wave device to successfully demonstrate its ability to withstand the largest Atlantic storms combined with a large power generation capacity in terms of equipment size and cost.” said CEO Patrik Möller.
Clean energy from the ocean’s waves supports the goal of building a sustainable world. Some studies also show that the availability and predictability of wave energy is higher than wind and solar.
Tomosaku Sohara, Managing Partner at NordicNinja VC, said: “The CorPower Ocean team brings decades of wave power experience and world-class company building talent to unlock untapped ocean resources in Europe, the US and Japan. We are excited to support CorPower Ocean as lead investor and this financing round is a strong testament to the team’s success and market momentum.”
